Tandy Brands (TBAC) Signs Amendment to Line-of-Credit Financing Facility with Comerica
Tandy Brands Accessories Inc. (Nasdaq: TBAC) announced today that it has a signed an amendment to its line-of-credit financing facility with Comerica Bank. The new facility is a revolving line-of-credit that provides financing of up to $27.5 million, with a term of 18 months, running through April 2011. The interest rate is approximately 100 basis points below the previous line of credit.
"This new financing will be more than sufficient to meet our near-term seasonal requirements, while also providing us the flexibility needed to achieve our long-term growth objectives," said Rod McGeachy, President and Chief Executive Officer of Tandy Brands. "Finalizing this long-term financing is an important achievement as we continue to stabilize our operating platform and markedly improve our financial position, cash cycle and liquidity. The better terms also signal the financial community's trust in our management team, and acknowledges the improvement in out financial and operating performance.
"We appreciate how Comerica has partnered with us to provide us with a finance structure that meets the specific needs of our business," said Mr. McGeachy. "We reviewed several financing options from various institutions, and the Comerica proposal best meets the long-term needs of the company."
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